USD 1.54 billion
Report ID: SQMIG15A2290 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 95 | Figures: 76
Global Barrier Shrink Films Market size was valued at USD 1.54 billion in 2021 and is poised to grow from USD 1.62 billion in 2022 to USD 2.63 billion by 2030, growing at a CAGR of 5.52% in the forecast period (2023-2030).
In recent years, the global barrier shrink films market has been changing consumer preferences and demands by providing a protective barrier against external elements such as moisture, gases, and UV rays, thereby extending the shelf life of the packaged products. Manufacturers of these specialized packaging materials are focusing on enhancing the barrier properties, clarity, and sustainability of these films, meeting the evolving needs of various end-user industries.
However, the production costs associated with advanced barrier shrink films, especially those incorporating cutting-edge technologies, can be a limiting factor for widespread adoption, particularly among small and medium-sized enterprises. Compliance with food safety regulations and other industry-specific standards requires continuous investment in research and development.
Global Market Size
USD 1.54 billion
Polyethylene Terephthalate (PET)
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The global barrier shrink films market is segmented into four major segments i.e. by product type, material, end-use and region. Based on type, it is divided into polyolefin-based barrier shrink films, polyvinyl chloride (pvc) shrink films, polyethylene terephthalate (pet) shrink films, and other innovative formats. Based on material, it is bifurcated as ethylene vinyl alcohol (evoh) barrier shrink films, polyethylene terephthalate glycol (petg) barrier shrink films, polyvinylidene chloride (pvdc) barrier shrink films, ethylene-vinyl acetate (eva) barrier shrink films, others. Based on end-use it is segregated into food & beverage, healthcare, consumer goods , industrial and automotive, e-commerce packaging and others. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Analysis by Type
Polyolefin-based barrier shrink films has typically held a substantial market share due to their versatility, cost-effectiveness, and recyclability. PE films are commonly used for various applications, including food packaging, while PP films offer high clarity and shrinkage properties. It offers a balance of high barrier properties, clarity, and cost-effectiveness that are likely to dominate, especially in industries such as food packaging where product visibility and protection are crucial.
Due to their excellent clarity, impact resistance, and recyclability polyethylene terephthalate glycol (PETG) barrier shrink films have found applications in the packaging of consumer goods and beverages. Compliance with evolving regulations, especially those related to food safety and environmental impact, can significantly influence the dominance of certain types.
Analysis by Distribution Channel
Ethylene Vinyl Alcohol (EVOH) barrier shrink films, have long dominated the global barrier shrink films market due to their high barrier properties against gases such as oxygen. Barrier shrink films incorporating EVOH are used in applications where preserving the freshness of packaged products is critical.
The Polyethylene Terephthalate Glycol (PETG) barrier shrink films is the market's fastest-growing material segment as they are known for their excellent clarity, impact resistance, and recyclability. They are often used in packaging applications where transparency and product visibility are important.
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North America has historically dominated the Barrier Shrink Films market due to the well-established packaging industry, high consumer demand for packaged goods, technological advancements in packaging materials, and focus on sustainable packaging practices. The region is experiencing strong economic growth and is likely to see increased demand for packaged goods, contributing to the dominance of their packaging industries.
Moreover, rapid industrialization and economic growth in countries like China and India, increasing consumer demand for packaged food and beverages, expansion of e-commerce activities, and growth in the manufacturing sector has aided the growth in the Asia-Pacific region. With a booming e-commerce sector may witness increased demand for protective packaging solutions, including barrier shrink films.
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Escalating Demand for Efficient and Reliable Packaging Solutions
High Production Expenses and Industry-specific Regulations
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The competitive environment of the barrier shrink films market is dynamic and characterized by the presence of several key players striving to maintain and enhance their market positions. Product development, mergers and acquisitions, and collaborations are strategic initiatives that major industry participants are engaged to gain a competitive edge. Technological advancements, material innovations, and a focus on sustainable packaging practices are the factors that shape the competitive environment. Key market players often emphasize expanding their product portfolios to cater to diverse end-use industries, including food and beverage, healthcare, consumer goods, and e-commerce.
Top Player’s Company Profiles
Rising Emphasis on Sustainable and Eco-friendly Packaging Solutions
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global barrier shrink films market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by a surge in demand for protective packaging, particularly in the food and e-commerce sectors. Technological advancements in film manufacturing enhance barrier properties and sustainability. However, high production costs pose a major threat to the market growth. Additionally, polyolefin-based films dominate the product type landscape, while Asia-Pacific leads regional growth due to industrialization and a burgeoning middle class. Key trends include a shift towards sustainable packaging and continual innovation in film technologies, emphasizing the market's dynamic nature.
|Market size value in 2021
|USD 1.54 billion
|Market size value in 2030
|USD 2.63 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Barrier Shrink Films Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Barrier Shrink Films Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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